HFF Secures Joint Venture Equity and Debt Financing for 292-Unit Property

By Anuradha Kher, Online News EditorMedford, Mass.–The Boston office of HFF (Holliday Fenoglio Fowler LP) has secured joint venture equity and debt financing for Station Landing, a mixed-use project in Medford.HFF Senior Managing Director Frederic Wittmann and Real Estate Analyst Carlos Febres-Mazzei represented National Development, a Mass-based development company, to arrange joint-venture equity for the project with Bethesda, Md.-based ASB Real Estate Investments, through its ASB Allegiance Fund. HFF secured a 37-month, adjustable-rate loan through Wachovia Bank. A portion of the loan refinanced existing debt on several components of the project with the remainder providing construction financing for additional development. Station Landing includes 292 Class A apartment units, street-level retail space, a 50,000-sq.-ft. flagship Boston Sports Club, a 162,000-sq.-ft. office building and a 1,350-space parking garage. Development plans for the building include an additional 166 luxury apartments and a seven-story expansion to the existing parking garage. Located at the intersection of Routes 28 and 16 at Wellington Circle, Station Landing is adjacent to the Wellington MBTA Station in Medford, five miles north of downtown Boston and just east of Interstate 93.